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Half of AMI members at least at implementation stage of TCF

Nearly half of Association of Mortgage Intermediaries’ members say they are at least at the implementation stage of complying with the FSA’s Treating Customers Fairly regime.
The FSA has set a March deadline for firms to have implemented TCF in a significant part of their business and 85 per cent of members say they are confident of meeting it.
19 per cent say they are already at the embedded stage while a further 29 per cent say they were implementing TCF.
20 per cent say they are at the strategy and planning stage and 27 per cent say they are aware of TCF.
AMI associate director Rob Griffiths says: “Firms must actively engage in the TCF process and, for those firms who are only at the ‘awareness’ stage, a review and gap analysis must be carried out. The FSA want to see actions and changes made following a review.
It also wants senior management to drive the initiative and empower staff to bring about any necessary improvements. The FSA has already stated that those who have not engaged with TCF are more likely to face enforcement action, be it undertaken against the firm itself or individuals.”

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